Union Bank of the Philippines selects Metaco and IBM to facilitate digital asset custody operati​​ons

On Thursday, Metaco, a cryptocurrency business platform for securing, trading, issuing and managing digital assets, announced the addition of UnionBank as its latest client. Founded in 1982, UnionBank is one of the largest banks in the Philippines, with a total of $15 billion in assets under management. UnionBank will also implement its digital asset management services on the IBM Cloud, which are fully integrated with Metaco solutions.

Through the integration, UnionBank will be able to improve asset insurability with FIPS 140-2 Level 4 certified controls to manage and migrate keys. FIPS 140-2 is the highest level of the US government computer security standard. In addition to detecting and responding to all unauthorized physical access attempts, the protocol also protects against environmental factors that lead to loss or data leak.

At the same time, Metaco solutions enable use cases for financial institutions, such as trading, tokenization, smart contract management, and participation in decentralized finance. Henry Aguda, Senior Executive Vice President, Chief Technology and Operations Officer and Chief Transformation Officer at UnionBank, issued the following statement regarding the development:

We are passionate about meaningful and sustainable reinvention. We value our strategic partners, such as METACO, and collaborate with them in a meaningful alliance in pursuit of a shared vision. And for UnionBank, that common vision is customer-centricity driven by emerging technologies and innovation.

Last year, Metaco formed a society with IBM Cloud to implement your digital asset management system on the latter. Founded nearly eight years ago in Switzerland, Metaco previously closed a Series A financing for $17 million at the end of 2020.